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- Sep 27, 2003
Background:
Recent graduate from a professional school, 26 years old, perfectly healthy.
I will be basically working under my own businesses (sole proprietorship with a personal S-corp), so no 401K, retirement fund (unless I set it up), etc.
About 200K in debt (which is actually below average for people in my field)
Recently, I've looked up and had in interest in my future retirement funding, investments, etc and although I have spoken with some advisors, I figured NT had a good amount of people from every field imaginable. I'll take any advice to further my knowledge is this aspect.
My question is in regards to safe investments with whole life policies. I am relatively young so I see no point in term life for myself at the moment but I've looked up several pros and cons. As of now, if I can lock in a low premium due to my age and health, I figured that would be okay, and whatever else money I have that I can afford to lose, I can place into more riskier investments. From my understanding, the only real risks of a whole life policy is the rate of a return and how it could be better invested for a greater growth. The thing is, that would be at a more of a risk no? I understand the importance of diversifying my portfolio, but a whole life policy would be more so my retirement fund that I can pull out at a future date if needed.
2 random links I read that are kind of arguing the opposites of the same points.
http://www.dailyfinance.com/2014/03/05/whole-life-insurance-why-to-buy-policy/
http://momanddadmoney.com/why-whole-life-insurance-is-a-bad-investment/
Correct me if I'm wrong with any of this information, this is more to learn any information I can.
Thanks NT.
P.S. Don't grow up. It sucks.
Recent graduate from a professional school, 26 years old, perfectly healthy.
I will be basically working under my own businesses (sole proprietorship with a personal S-corp), so no 401K, retirement fund (unless I set it up), etc.
About 200K in debt (which is actually below average for people in my field)
Recently, I've looked up and had in interest in my future retirement funding, investments, etc and although I have spoken with some advisors, I figured NT had a good amount of people from every field imaginable. I'll take any advice to further my knowledge is this aspect.
My question is in regards to safe investments with whole life policies. I am relatively young so I see no point in term life for myself at the moment but I've looked up several pros and cons. As of now, if I can lock in a low premium due to my age and health, I figured that would be okay, and whatever else money I have that I can afford to lose, I can place into more riskier investments. From my understanding, the only real risks of a whole life policy is the rate of a return and how it could be better invested for a greater growth. The thing is, that would be at a more of a risk no? I understand the importance of diversifying my portfolio, but a whole life policy would be more so my retirement fund that I can pull out at a future date if needed.
2 random links I read that are kind of arguing the opposites of the same points.
http://www.dailyfinance.com/2014/03/05/whole-life-insurance-why-to-buy-policy/
http://momanddadmoney.com/why-whole-life-insurance-is-a-bad-investment/
Correct me if I'm wrong with any of this information, this is more to learn any information I can.
Thanks NT.
P.S. Don't grow up. It sucks.